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from the courthouse coming up. >> david cote will be here in a few minutes. defense firms going full steam ahead. despite sequester cuts. we will get his comment on earnings. plus find out what led him to step down from j.p. morgan's board. he did that in the past week. >> let's check the market as we approach the final hour of trading. 15,514, last trade of the blue chip average. nasdaq in positive territory due it a handful of gainers as well as facebook. facebook up better than 20% right now. 25% earlier. s&p 500 looks like this. standard & poor's is fractionally negative. >> bob pisani, what is going on here? >> higher interest rates are hurting the stock market. can't say it more simply. interest rates up three days in a re. don't have more to say about it. orders are down 12%. horton below expectations. horton's conference calls, what everyone is talking about. causing an increase of cancellations. put up will full screen. first time buyer shop so they would notice the first time buyers got hurt. cancellations go from 20% to 25%. doesn't sound like a lot but it effects overall
middle class. no good for our national defense. we ought to be having a debate about the kinds of medium and long term reforms to entitlements and tax program, but we ought not to be calling about holding the country hostage to a fights over extending the debt limit. >> here now brad sherman democrat from california and steve so h steve solice republican. get rid of the see questions terks raise taxes and spend more money. i'm here to tell you it's not going to happen. >> well, i don't think a lot of things being talked at by either party are likely to happen. you won't see a defunding of obamacare. you're unlikely to see the republicans agree to any revenue nths.ases in the next few what i hope we don't see is a default on the debt and those people who are talking about deliberately defaulting on the american debt are in the words of mccain giving us shenanigans that the american people have gotten tired up. >> steve, are you in the camp that basically condition want to fund any part of obamacare and would risk a government shutdown or some kind of default on the debt, are you in that c
. raytheon with 164 beating 1.30, and they raise the forecast and sequestration is -- >> defense, defense. northrup grumman is much better, and look at the gold standards, and northrup grumman is upgraded by merrill lynch and people were behind in the move. mcnerney said in the call that we are beginning to see the sequestration, and u.s. air talking about how sequestration hurt the airline industry, but the defense contractors and everybody was short and believed it was a laid up short, and it w wasn't. >> maybe not for now. but everybody has to believe. >> eventually. >> the defense budget over time will not rise as much as it has, and in fact, maybe go down. >> well, the government, and well telegraphed that a lot of the guys took out costs and you could see still some mergers and remember that the allies are coming, and the people who were not defending are buying stock. i know you want to be the world wide policeman. >> no, the cost of the joint strike fighter and for per plane. >> each one worth a gilead. >> yes, close to it. not quite $91 billion, but not far from it. >> and they a
killed off the little guy competition. both companies have sizable defense businesses while defense orders in the future may be slowing, there's very little competition for these contracts. hey, we know that from lockheed martin, which reported a marvelous number, and it has a stock that simply won't quit. or northrup grumman like we promoted last night on "off the charts." going higher. the defense names are the strongest stocks in this market this year. sequester? no competition. how about the railroads like csx and union pacific? monster good numbers. the rails, they don't compete. they raise prices routinely when contracts roll over. that is a fantastic business. let's talk health care. united health groups dazzled the dow. why? because these health maintenance companies have to -- well, to look -- i think they stopped competing on price. it's like they carved up the whole country. johnson & johnson posted terrific numbers. patent protection made that possible. no competition. but do you know who has the least competitive marketplace versus the old days? wow, is this a change. a
would hurt the economy. that it would cut in the growth economy, particularly the defense sector. hold that thought, the best-performing stocks this year, defense, general dynamics, northrup grumman, lockheed martin. the congressional cost cutting may not be as crushing as ben bernanke thought it was. he's got to be thinking, man, i don't know. auto, gas, homes, leisures, defense spending. let's see, these are big parts of the u.s. economy. and rates are ridiculously low versus the strength in those key sectors. throw in the fact that last night we got our first truly post recessionary numbers from europe, a report that shows an expansion, something i've said is the hallmark of the earnings period but no one believed me until this morning. you get the feeling things have changed for the better. rate changes have got to come. the stock market tries to predict what will happen and not just surmise what is happening. what does the market see? how about the possibility we get a good jobless claims number tomorrow and a better nonfarm payroll number next week. rates have to come back up to
faction were even driving at defense spending to push it down or to restrain it. >> well, they are resisting the calls from their senate counterparts, republicans, who say we need to roll back the sequester cuts, especially as they relate to defense. john mccain is trying to make that case and is trying to work with john mccain and a senate of republican factions breaking from the leadership. that's not happened in the house and we'll see if they can make that happen in the fall. >> you've covered washington tore so many years. have you ever seen the approval rating for congress as low as it is now or government as paralyzed as it seems to be on such important key issues? >> seen a lot of government paralysis, but the 12% approval, 83 disapproval for congress is the lowest in the quarter century history of the nbc/"wall street journal" poll, and it's not good news for anybody really because democrats hold the senate, republicans hold the house. it's kind of a pox on all your houses. >> and nobody likes either of them at all. >> exactly. >> you wonder how -- whether that c
side, on the defense side. >> that is what northrup grumman said. >> the most jarring trade in a long time the fact that it is the government and the defense spending raising the fortunes and the bag backlog is my favorite number of the day, 410. >> i have a backlog around that. >> 20-year backlog. >> i'm working on it. >> and it is going be a 25-year plan. >> that is going to be an all-time high for boeing. and the real story of raising the forecast for the year, europe was not a spoiler to a large degree, and phil points out that raising the global production by ford by almost 100,000 cars. >> clearly, not the most person who bought a ford 350 super duty. this has to be noticed, because the lat tirn american -- latin american trend is being pulled off. they are ahead of everybody else and i have charitable trust name, but ford could be in the late '80s renaissance. >> and not like the renaissance center in detroit. >> right. >> and the cash flow here is going to be the dividend rise, and anybody remember when ford had 5% yield and not because the stock was low? >> and what about the
on acquisitions and possibly mergers that could be defensive moves to try to protect the pnl. >> all right. stick there. we'll come back. little bit more to talk about, including earnings. >>> taylor wimpey, the company posted a 42% rise for first half of the year. the stock in the company up nearly 2%. quick word about this, paul, they said benefiting from the government's housing scheme, are we going to have too much of a good thing? >> i think housing transactions still remain pretty low. the thing about these house builders is they are taking increasing market share. as house prices are falling across the country, it is much more difficult for the secondary market, people selling homes, to adjust to that environment. they probably still have two inflated expectations of what the house is worth. a new house builder can adjust the build to accommodate lower prices. they are taking market share at the moment. and as we have seen, government so much behind the building of new houses and start to stimulate that past the economy in the same way the us has done. for the companies, they're in this we
with the prosecution and defense having their final say in the fcc's case against the former golden vice president today. the s.e.c., which accused tourre to follow the documents. they hammered away at the 43-year-old's credibility by highlighting e-mails to and from tourre as far as marketing materials he put together. the s.e.c. maintaining this to be critical information, tourre did not tell investors. he made a billion on the bet, while the other investors lost a billion. now tourre's team countering in its close listened to the testimony. they hammered away at the credibility of the s.e.c.'s witnesses by poining out inconsistencies in their depositions and testimonies on the stand. tourre's lawyer telling the jury the french native is in court because he refused to yield to an overbearing government agency that overreached, ruined his career, and invaded his personal life by using e-mails sent to his girlfriend to bolster its case. jury deliberations begin tomorrow. both sides have a great deal riding on the income. tourre, who is now a doctoral in economics, could be banned from the securiti
. >> and air gas fought them off and ended up with $40 more. >> and the defensive measures deployed by a corporate board are often compared to defensive measures deployed by the medieval castle dwellers. and they went on the say that the defendants' approach appears to be a premised on the notion of the poison pill is a normal exercise of board judgment like the adoption of a board. >> that is outrageous. >> until it made sense of our product. >> until peter causeland said when you can do better than the bid, and the stock up $40 in the initial bid. terrific report. let's go over to the wobond rept with rick santelli. >> you look at the intraday chart, and we go into the weeken weekend, we are seeming to be losing some altitude on the yields. if you open up the chart to a couple of months, it is very telling whether you believe in the ek a technicals or not, this is playing the range so to say. this is in the mid-40s and yesterday we dabbled with the low 60s and clearly the tops and the bottoms of the recent move that are significant. and if you look at the 10-year boon, it is givin
are not playing defense anymore. what happens to your bottom line if some of the numbers switch to positive in. >> our earnings will take off improving economy will have a dramatic impact on our company. manufacturing, from the industrial standpoint, it's struggling at this point and it has been since third quarter of last year and it continues to try to struggle to rebound, but that primary side of things is having an impact on us, and that is driven by the world market and everything else. >> one of the things that i happen to like, but there's a huge glut in alluminum, at this levels, there's a glut in steel, and there's a glut in anything that you need for raw stuff to build. your area seems to be much more important to commercial construction than i thought. >> there's a significant piece, we are a third industrial manufacturing, a third commercial and a third residential in an 11 state footprint and the key thing to consider though from a financial standpoint, the margins in the industrial sector for our business are significantly less than the commercial and residential margins, but it'
the defensive nature of the deal? because advertisers are going directly to facebook, google and twitter. i don't think this merger can stop that flow. if anything, if i was running one of these companies, i would have sought twitter. two do not necessarily have the smarts -- that's something facebook, twitter and google, to another extent, know how to do. with younger people increasingly turning to their mobile devices for news, sports and entertainment, you can't let them deck tate the terms to their clients. tv, web, print, radio, that's going to be viewed as a positive by the clients. somehow, the combined entity can wren f better terms from the online ad world. second deal is kind of a puzzle, frankly. it's a head scratcher. irish drug company for 8.6 billion in cash. knock off store brands, over the counter drugs. they can manufacture these products cheaply and charge less than the competition to make much more money than they do when they offer players like johnson & johnson and proctor and gamble. it's basically a royalties from a bunch of pharmaceuticals. the ms drug mad
from the s.e.c. are expected to go another half an hour, and then a break and the defense will close for 2 1/2 hours and the s.e.c. comes back for another 30 minutes. the jury could be instructed and start deliberating today, but again, the closing arguments will continue through the afternoon, and we will be back with an afternoon. simon, back to you. >> mary, safe to assume that the defense team is fairly confident at this stage given that yesterday they decided not to call any witnesses, and in most of the newspapers this morning that is the conclusion? >> i think it is true. what they felt is that when fabrice tourre was on the stand, he made a convincing argument to his innocence. and the judge said that after this, the jury may not want to hear from anybody else, and this may be the end of it, and so the defense decided to cut the list short claiming that the defendant made a very good case for himself last week. simon. >> yes, thank you, mary. in the meantime, steve liesman is here with the results of the exclusively cnbc fed survey of where the respondents believe that the in
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the workers made it out alive. so far, so good. >>> the defense in the fabrice tourre case didn't call any witnesses. so closing arguments set for today. jury deliberations expected to start tomorrow. the former goldman sachs trader is accused of secretly helping paulson and company construct $2 billion deal that could bet against. good to find clients on both sides of the trade. mary thompson is covering the story and will join us at 8:40 eastern. >>> two stars of the reality show "the housewives of new jersey" will be in court today. federal prosecutors charge them with just being totally obnoxious and unwatchable. no, i'm sorry, with 39 -- and totally irrelevant. no, 39 counts of fraud, alleging they used fake pay stubs, tax returns and w-2s to secure $5 million in loans before trying to declare bankruptcy. the stars, that's who they are. right there. know how to say that? >> teresa and joe giudice. i heard it on npr. >> 30 years in prison and millions of dollars in fines if convicted. >> problem? sister network. >> pretty good show. really. i don't know about these people. the show is
coming and testifying, what does that look like. especially when they're trying to defend defense what the sec is alleging here. >> just makes you wonder what happened, why they stopped cooperating in may. we talked with jacob frankel and he said the company was cooperate to go a certain point and it makes him wonder if other companies will rethink cooperation. >> optics are confusing especially considering cohen and s.a.c. settled with the sec in march 6$616 million. they had to have believed they would clear them of any potential forthcoming action. and to see that come two months later, they must have been extremely confused. so i think that when they probably stopped cooperating, i don't know this for sure, but they had to have been under the impression that whatever they were doing to cooperate wasn't working. and that they would be better off not cooperating. but certainly an interesting turn of events and wield very to s we'll have to see what the charges look like. >> thank you very much. joining us is hugh johnston. we appreciate your time to talk about some of these numbers.
a predictor of what's future performance. >> a lot of defense downgrades and the stocks turn out -- >> incredible move. >> raytheon, lockheed martin, much better than expected earnings. you get into the face of these companies that are doing well, with the ground grades, and then you've got to upgrade them after they move. we're seeing a lot of companies that are doing better than what the analysts expected. >> right. >> this move in asia, though, disconcerting, is it not, in terms of worries about growth? we're always talking about china. but japan again -- >> japan, go to bed last night, japan is down two. you wake up, it's down much more. japan is a major destabilizer. i believe -- i believe in the -- i believe earnings are coming back. but people only care about the end. >> right. >> if the end goes the wrong way they don't want to be there. what are people thinking about wynn? it's chinese gambling. people want to write off china every single day. is there every day companies like, china can help us here? no. >> no. it's about water supply being polluted, air being unbreatha
trend, and people talk about defense of cyclicals, we talk about domestics as a feature. >> i want to raise another point. a note today was put out, ridesing long-term interest rates and a steepening yield curve is bullish for markets. people are saying it will crush the recover. he is saying take a look at the history, rising rates are a good signal. >> i generally agree if it a good signal when you are talking about an economy that is gaining traction. we can look through it, through credit conditions, we can look at it in terms of hiring intentions, across the board. i will buy into that, that we will get the earnings. the question that we focused on was the evaluation component of it. will the higher rates hurt the pes in the market. >> we are at 15 times earnings. and if you use a treasury or a b-double b-double-a, you feel it's hurting the recovery. >> bull or bear? >> longer term bull right now, we are in a correction mode. >> you are a bear right now, how bearish are you? >> i have not shorted the market, so that tells you once i decide to short the market, then i'm fully b
into a defensive play and take out a twitter, possibly buy a zynga for the e-commerce, buy a netflix, a perfect match, and get into the content, they'll be able to grow. so what facebook needs to do now is he went into the ipo for the big dollaring, you have to make the big acquisitions. >> no, i think making a major acquisition, especially netflix, isn't it. it's a tenth the size of facebook. monetize instagram. >> back to julia boorstin. more news on the quarter. over to you, julia. >> yeah, malia, just digging in deeper on the operating margin. the company's non-gaap operating margin, excluding share-based compensation and related payroll tax expenses, that was 44% in the second quarter compared to 43% a year ago. now, wall street analysts had been on average expecting 37%. so the margin is coming in better than expected, and that does, obviously, relate back to the eps beat. so looking at that, and in terms of some of the commentary here, they talk a lot about who they're now 1 million active advertisers on facebook and how that's really driven by growth in local business, and the success o
at the sectors, a defensive day with consumer discretionary stock and, of course not surprisingly commodities. copper has been weak and energy stocks weak. that happens any time you get china concerns. you get weakness in those sectors so the bottom line is anything we've seen this week, number one, what can move the market down is higher interest rates, concerns about higher rates. secondly any kind of concern about weakness in china also moving the market. have a grade great weekend. >> let's go to the nasdaq and seema mody is there following the big moveers? >> tyler, so many individual stock stories. starting with amazon, shares are staging a comeback after the company reported disappointed earnings last night. that's helping the nasdaq pear losses. starbucks, that's the top performing stock on the ndx, the company reporting a beat on earnings thanks to strong demand overseas. comps up 9% in asia and china and the expanded menu seems to bode well. starbucks is firing on all cylinders. we'll have to see if valuation becomes a concern as it trades to a premium on the s&p 500. gilad sciences
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, now white collar criminal defense attorney. we have don steinbrook, a managing member at agecraft, and also cnbc's own robert frank. guys, where do you even begin with this story? don, perhaps we'll start with you. obviously, this party was for a good cause. but at some point, when is it just become tone deaf to do something like this? >> you know, i think it's not good public relations for steve cohen, but i think as far as s.a.c. goes, it's completely irrelevant. i don't think it will have any impact on the d.a., how they approach this case. i think given where the firm is, they're not able to raise any money currently, so it won't reduce the marketability of the fund. i think as far as investors that are still with the fund, i think this party's not going to have any impact on whether they decide to stay or leave. >> michael, maybe it doesn't have that big of an impact that way, but is there an issue with this party? i mean, let's assume it was some longstanding thing, if it was, in fact, for charity. does it even matter? >> well, if it's a longstanding event for some charity,
through our defenses. that's why i believe what has happened, the damage to our country is significant and irreversible. what we're talking about is future terrorist attacks. >> and, of course general alexander took a little bit of a lighter note talking about the limits on e-mail collection even he said when it comes to his own daughters. >> i have four daughters. can i go and intercept their e-mails? no. >> can you? >> no, you may be able to. >> i had a chance to catch up with general alexander just after the conference and he told me that he wants edward snowden to come home to the united states from russia to face justice. tyler? >> thank you very much eamon javers reporting from las vegas for us. >> shares of sumantek surging today. the maker of the norton anti-virus software posting better than expected results as customers used more of its security products in the wake of a series of publicized hacking attacks. the stock is up about 40% just so far this year. sue? >> some headlines to tell you about, ty. we start with michael dell. he says he expects his
. >> growth. >> right. it's like the new york giants. you know? offense wins games but defense wins championships. i think the stock market is going to take care of itself. i still like growth. and i think when bob was talking about a broad-based rally and value investors, i think what's happening with value investors is they were a reluctant bond holders who went looking for dividends as well as a little growth, and they found that real quickly during this month as value went the other way. there's a little risk involved there. and so, i think you'll see a shift -- and that's why i like ivw. i like large-cap growth. it's the one part of the market that i think is still undervalued. but i would pay a lot of attention to my bond portfolio, because i think the bond market did not take the head fake today from the fed. the bond market said, you know what, i'm pricing these 10-year treasuries as if we already have tapering taking place, and they're holding firm on that. >> interesting. james, let me bring in james paulson. you still buying this market, james? >> well, maria, i've been s
foreign countries to recognize their embargo, their national defense interest while it is not at all the one of other sovereign countries. >> do the europeans, and the french particularly, have no moral issues selling electronics or anything that could conceivably be used in weapons to iran? >> look, that is, first, a political question, and i disagree with the question itself. to the best of my knowledge, trading with iran on many commodities has absolutely nothing to do with the nuclear program of iran. >> you're client wasn't buying dresses. he wasn't buy tables. he was buying electronics. and he was sending them to iran. >> he was buying a lot of electrical components, and this is still not forbidden by any legislation other than your embargo. >> we're talking about tens of thousands of different items here. >> well, i mean, you can buy 50,000 plugs at 50¢ each. it doesn't make you a great criminal. >> she says nothing he bought meets the definition of arms that are restricted for sale under french law. but the justice department argues that kakavand was doing business in the u.
and the government cuts. it's to defense. that's very productive. that's a big hit to gdp. it's not as big a hit to jobs. >> it's hard to have this conversation without bringing bruce kasman in which we'll do in just a second. the sector, 22,000 up for construction. is that one of the stronger numbers we've seen for construction? that's a delay we had. we had a surge in housing but then we didn't see the employment gains, now it seems to be coming a little bit later. the manufacturing sector, which mark i went back and checked, your manufacturing numbers are much weaker than the government's manufacturing numbers. is there a reason you could be undercounting it or the government overcounting? >> first construction. i'm counting on lots of good things from construction. we'll get a lot more home building. we should see more months of 20, 30 k going forward. this is key to getting to a higher level of job growth going forward. i'm expecting a lot there. this is just the beginning of it. in terms of manufacturing, bls is 0 to plus 5. adp has been 0 to minus 5. >> it's 50,000 jobs over the level is
, excluding aircraft and defense the number is decent, but it's not the extra impetus that you need to see in order to see a bigger peck up in business investment. right now, it looks like business investment is running in the low single digits at the end of q 2, heading into q3. it will be more difficult to achieve that high end of the forecast which is 3, 3.5% going into 2014 with business investment growing 5 to 8%. >> are the numbers today suggestive of the second quarter should be revised up a little bit? i had an average of below 1%. >> for us, according to our estimate the slowdown in consumer spending and business investments seems to have picked up actually a little bit if q2. we are seeing something around 1.2 right now. >> what about the claims number? 343, this level, what does that tell you about jobs and what we might get next friday? >> well, we had stand, our view right now, job growth will remain between 175 and 200. claims number to me suggests we are probably close to the consensus around 180 right now. >> and unemployment would be what? >> unemployment is a tougher call
. absolutely. >> we don't talk much about the defense side anyway. >> absolutely. >> john, good to see you. thanks very much for joining us. john strickland at jls consulting. >>> french food giant danone, results were boosted by strong demand for baby milk in china. weak sales in europe weighed on the operating margin. nevertheless, the firm still reiterated its 2013 forecasts growth of at least 5%. the shares up 2.75% in paris. >>> now, just when you thought london's burger craze couldn't get any stranger, the world's first test tube burger, yep, this is one made entirely from meat grown in a lab. it's going to be served up in the british capital next week. the five-ounce patty which costs 250,000 pounds to produce is made from 3,000 tiny strips of beef grown from stem cells. professor mark post pictured there, i presume, is the brainchild behind the burger. he says the project is designed to help address growing demand around the world. saying it could be the most important burger ever made for global hunger. we want to know, would you eat it? join the conversation and get in touch with
Search Results 0 to 31 of about 32 (some duplicates have been removed)